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Old 03-20-2011, 11:46 PM   #1
Slessenix
 
Join Date: Jan 2011
Location: Fiji
Default Best money market rate for starting saving?

Right now I have one credit card and one checking account. I also have a fulltime job so I need to open a savings account. I remember about when this forum was created, there was a particular site that everyone was crazy about for money market accounts. I thought it might be etrade, which is also what my company uses for employee stock purchases, but the money market rate for < 50,000 and espescially < 5000 is horrible. It also has an ATM card and checks which I don't need? Am I looking at the wrong thing?

edit: I just found the etrade "complete savings account" which is 4.7% and "no minimums/no fees". Seems great but the fine print reads "Annual Percentage Yield is effective 10/31/2007 and is subject to change. A $100 minimum deposit is required to open a new account. Withdrawals limits apply. Online statements required."

What kind of withdrawal limits are we talking? I'm looking at this for my primary savings so if something comes up like car accident etc I might need to withdrawal a lot (or all?) of it suddenly. I can't find anymore online without opening an account though
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Old 03-20-2011, 11:47 PM   #2
Jourgen
 
Join Date: Mar 2008
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The problem is that PayPal isn't a bank, they're just a middleman company that facilitates simple transactions over the internet. They can freeze your account for up to 6 months (from what I recall) for whatever reason they please, like if they suspect you're up to **** even if you're not. Then it's a war to get your money back, but you agreed to their terms when you opened the account so there really is no legal recourse to be had. Keeping your money with PayPal IMHO is a bad choice, even if you didn't have the money market account your funds are not FDIC insured (money markets are not FDIC insured at any bank) and they really are in full control, it's all in their policy, you can look it up yourself. There's no reason to hold your money in a money market account, especially PayPal, for 4.88% when you can get nearly just as much in a high-yield savings at a real bank that is FDIC insured. That extra .12 percent doesn't mean **** unless you've really got a lot of money, and if you did you wouldn't be asking this question.

You want to check out high-yield savings accounts at ingdirect.com they're all online banks and offer 4.5% APY or more on savings accounts that are insured and everything. I've been using ING Direct for a while now and besides a few small issues everything else has been great. You can open a savings and a checking, get a debit card for the checking, easily transfer to and from your savings to your checking when you need to spend money, all while earning a competitive interest rate on your money that pays out monthly instead of annually. The checking account also earns interest but about 1% less than the savings. So you can basically hold all your money in the savings at all times and whatever spending cash you want to have you just transfer over to the checking when necessary and you're still earning interest on that.

Not to mention, instead of charging overdraft fees when you go under in an account, the overdraft just goes on a credit line that charges you the competitive 11.5% interest rate. So instead of paying $30+ when you go over by a couple bucks, you only pay a couple cents. It also helps when you're short on money and just waiting for a paycheck to be direct deposited, it'll automatically fill in the debt and be like nothing happened. Also, they have no transaction limits other than a cash withdrawal limit. I can only take $1000 cash out from an ATM per day and I'm pretty sure I have no actual spending limit. Also, if you go to certain ATM's the withdrawals are free (Allpoint network-- any Walgreens ATM).

The only issues I've had really have only been with writing checks to individuals, they are a paperless bank so if you want to write a check to someone you either have to send an e-check or they can mail a check to the recipient. No checkbooks, which I sometimes like the old-fashioned way of doing things but that's just personal preference. In the specific instance that I wanted to write a check I ended up just having the person invoice me through Google Checkout and I paid him with my debit card. Easy as pie. As far as depositing checks, I still have BoA account that my parents set me up with under their umbrella back when I was in high school so I just deposit checks there and transfer the funds over. You can also mail checks in.

Also, ING has a referral deal where both the referrer and the new customer get some free cash, so if you choose to go with ING let me know and we can get some money.
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Old 10-03-2012, 11:52 AM   #3
marvin_smith
 
Join Date: Aug 2012
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Better you must invest money in your own business rather than investing on shares. The reason is simple you may learn more and more things.
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Old 12-05-2012, 09:26 AM   #4
adelita
 
Join Date: Dec 2012
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I thing if you are planning to invest then must invest with Real Estate. This is one of the best investment option for securing your future.
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Old 03-23-2013, 03:35 PM   #5
MommamdiuMn
 
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Old 04-09-2013, 11:43 PM   #6
MommamdiuMn
 
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